The average Massachusetts resident would need to make $33.81 an hour to afford a two-bedroom rental residence at the fair market rent, according to a new study.
What is a livable wage in MA?
Living Wage Calculation for Massachusetts
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $21.88 | $43.77 |
| Poverty Wage | $6.19 | $12.74 |
| Minimum Wage | $14.25 | $14.25 |
How much money do you need to make hourly to live in Boston?
The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. The assumption is the sole provider is working full-time (2080 hours per year).
Typical Annual Salaries.
| Occupational Area | Typical Annual Salary |
|---|---|
| Transportation & Material Moving | $39,087 |
How much does a single person need to make to live in Boston?
Turns out the magic number for Boston is a household income of $120,900. That makes Boston one of the pricier big American cities in which to live comfortably (see chart below).
What is a good salary for a single person in Massachusetts?
$53,203 is the 25th percentile. Salaries below this are outliers. $107,480 is the 90th percentile.
What is considered low income for a single person in Massachusetts?
$55,950
Here is a summary of the data for Massachusetts: Low income limit (1-person): $55,950. Low income limit (4-person family): $79,900.
What is minimum wage in MA?
$14.25 per hour
Deductions for lodging, meals, uniforms, and required wage records are also covered. Effective January 1, 2022, the Massachusetts minimum wage is $14.25 per hour. The service rate is $6.15 per hour. Also on January 1, 2021, A 2018 law made changes to the minimum wage, and Sunday and holiday premium pay.
How much money do you need to be happy in MA?
The minimum salary to be happy in Massachusetts is $139,125, compared with $114,975 in the Granite State. The findings were based on a Purdue study published in the journal Nature Human Behaviour, which reviewed how income, emotional well-being and life satisfaction are all connected.
Where is the cost of living the cheapest?
Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.
What is poverty level in Massachusetts?
100% of the Federal Poverty Level Guidelines
| Family Size | Annual | Monthly |
|---|---|---|
| 1 | $13,590 | $1,133 |
| 2 | $18,310 | $1,526 |
| 3 | $23,030 | $1,919 |
| 4 | $27,750 | $2,313 |
What is the middle class income in Massachusetts?
Boston’s middle class is broadly defined as households with annual incomes between $50,000 and $125,000.
Is 32 hours considered full time in Massachusetts?
How Many Hours Is Considered Full-Time? Short answer: Full-time employment is usually considered between 30-40 hours a week, while part-time employment is usually less than 30 hours a week.
What is the income limit to qualify for MassHealth?
Financial. MassHealth members are financially eligible. Income guidelines require Annual Gross Income less than $28,865/one person and $40,842/two person family.
What is affordable housing in Massachusetts?
Housing designated as “affordable” — a phrase commonly tossed around when discussing the state’s housing crisis — is set aside for those who meet specific income eligibility requirements, typically those that earn below 80% of the metropolitan area’s median income. In Quincy, that is $85,266 for a family of four.
What state has lowest minimum wage?
Mississippi. No state minimum wage law. Employers subject to the Fair Labor Standards Act must pay the current Federal minimum wage of $7.25 per hour.
What states have a $15 an hour minimum wage?
Where are $15 minimum wages? Besides California and New York, nine states are headed to a $15 pay base over the next four years – Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, New Jersey, Rhode Island and Virginia.
How much does target pay an hour in Massachusetts?
How much does Target in Massachusetts pay? Average Target hourly pay ranges from approximately $9.75 per hour for Cart Attendant to $20.45 per hour for Sales Leader. The average Target salary ranges from approximately $15,600 per year for Merchandiser to $127,675 per year for Fulfillment Associate.
What salary is the happiest?
“Globally, we find that satiation occurs at $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being,” said the study’s authors in the journal. However, the study also found that the ideal income for life satisfaction in North America is $105,000, as reported by Inc.
How much money does a single person need to live comfortably?
This means a single person needs to make at least $66,434 after taxes to live comfortably. After their basic living expenses are covered, an individual could spend $19,930 on wants and set $13,287 aside for savings or debt paydown.
How much money do I need to move to Boston?
If you’re moving to Boston, you should have a household income of $120,900. Of course, this figure can scale up or down depending on the number of bedrooms you need. Once again, the $120,900 income figure is based on a 2-bedroom apartment with a monthly rent of $2,900 per month.
What is the best state to live in financially?
Alaska is the top state for fiscal stability. It’s followed by South Dakota, Tennessee, Idaho and Utah to round out the top five. Half of the 10 states with the best fiscal stability also rank among the top 10 Best States overall.